Legal & General Group Plc Sells 31,621 Shares of Gates Industrial Corporation PLC $GTES

Legal & General Group Plc reduced its position in shares of Gates Industrial Corporation PLC (NYSE:GTES) by 4.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 637,985 shares of the company’s stock after selling 31,621 shares during the quarter. Legal & General Group Plc’s holdings in Gates Industrial were worth $13,698,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of GTES. Assetmark Inc. grew its position in shares of Gates Industrial by 38.1% during the 3rd quarter. Assetmark Inc. now owns 2,448 shares of the company’s stock worth $61,000 after buying an additional 676 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Gates Industrial in the third quarter valued at approximately $65,000. Northwestern Mutual Wealth Management Co. grew its holdings in Gates Industrial by 273.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,911 shares of the company’s stock worth $67,000 after acquiring an additional 2,131 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Gates Industrial by 1,976.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,970 shares of the company’s stock valued at $68,000 after acquiring an additional 2,827 shares during the last quarter. Finally, Quadrant Capital Group LLC bought a new stake in shares of Gates Industrial during the 3rd quarter valued at $73,000. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Weiss Ratings lowered Gates Industrial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, April 1st. Robert W. Baird cut their target price on Gates Industrial from $39.00 to $37.00 and set an “outperform” rating on the stock in a research note on Monday, May 4th. Wall Street Zen lowered Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 10th. UBS Group reaffirmed a “buy” rating and issued a $33.00 price target on shares of Gates Industrial in a research note on Friday, February 13th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $31.00 price target on shares of Gates Industrial in a research report on Friday, February 13th. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $26.59 on Wednesday. The stock’s fifty day simple moving average is $24.54 and its 200 day simple moving average is $23.90. The company has a current ratio of 3.67, a quick ratio of 2.66 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $6.75 billion, a PE ratio of 27.69 and a beta of 1.27. Gates Industrial Corporation PLC has a 12 month low of $20.88 and a 12 month high of $28.47.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings results on Friday, May 1st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.03. The company had revenue of $851.10 million during the quarter, compared to the consensus estimate of $859.72 million. Gates Industrial had a return on equity of 10.00% and a net margin of 7.23%.The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. On average, research analysts predict that Gates Industrial Corporation PLC will post 1.53 EPS for the current year.

Gates Industrial Profile

Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.

In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.